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Real Estate Activity | 6 Months Ended
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Jun. 30, 2022
Real Estate [Abstract] |
Real Estate Activity | Real Estate Activity Below is a summary of our real estate as of June 30, 2022 and December 31, 2021:
| June 30, 2022 |  | December 31, 2021
Land | $ | 65,421 |  |  | $ | 67,514 |
Building and improvements | 201,998 |  |  | 219,327 |
Tenant improvements | 25,123 |  |  | 21,364 |
Construction in progress | 53,024 |  |  | 51,091 |
Total cost | 345,566 |  |  | 359,296 |
Less accumulated depreciation | (61,870) |  |  | (62,933) |
Total real estate | $ | 283,696 |  |  | $ | 296,363 |
Construction in progress represents our investment in Windmill Farms. Gain (loss) on sale or write-down of assets, net for the three and six months ended June 30, 2022 and 2021 consists of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Land(1) | $ | 2,763 |  |  | $ | 5,155 |  |  | $ | 4,752 |  |  | $ | 11,112 |
Multifamily Properties(2) | — |  |  | — |  |  | 9,603 |  |  | 11,441 |
Commercial Properties | 890 |  |  | — |  |  | 890 |  |  | — |
Other(3) | 240 |  |  | (29,600) |  |  | (204) |  |  | (29,600) |
| $ | 3,893 |  |  | $ | (24,445) |  |  | $ | 15,041 |  |  | $ | (7,047) |
(1)Includes the gain on the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings. (2)On January 14, 2022, we sold Toulon, a 240 unit multifamily property in Gautier, Mississippi for $26,750, resulting in gain on sale of $9,364. We used the proceeds to pay off the $14,740 mortgage note payable on the property and for general corporate purposes. The 2021 amount is attributed to the gain from the sale of a 50% ownership interest in Overlook at Allensville Phase II to Macquarie in 2021 (See Note 10 – Investment in Unconsolidated Joint Ventures) and the gain on sale of various multifamily properties that had previously been deferred (See Note 15 – Deferred Income). (3)The 2021 amount represents a $29,600 loss on remeasurement of the Earn Out Obligation in connection with our investment in VAA (See Note 10 - Investment in Unconsolidated Joint Ventures).

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI https://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI https://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI https://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI https://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI https://asc.fasb.org/topic&trid=2134617 + Details
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